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Federal Register / Vol. 86, No. 117 / Tuesday, June 22, 2021 / Notices this determination pursuant to the authority granted me by the Chairmans Delegation of Authority to Close Advisory Committee Meetings dated April 15, 2016.
Dated: June 16, 2021.
Elizabeth Voyatzis, Committee Management Officer.
FR Doc. 202113084 Filed 62121; 8:45 am BILLING CODE 753601P

SECURITIES AND EXCHANGE
COMMISSION

II. Background
On February 11, 2021, ICE Trade Vault, LLC ICE Trade Vault filed with the Securities and Exchange Commission Commission an application on Form SDR to register as a security-based swap data repository SDR pursuant to Section 13n1 of the Securities Exchange Act of 1934
Exchange Act and 17 CFR 240.13n 1 Rule 13n1 thereunder,1 and as a securities information processor SIP
under Section 11Ab of the Exchange Act.2 ICE Trade Vault amended its application on March 10, March 11, and April 14, 2021 collectively, the ITV
Application. ICE Trade Vault intends to operate as a registered SDR for security-based swap SBS
transactions in the credit derivatives asset class.
The Commission published notice of the ITV Application in the Federal Register for public comment on March 19, 2021,3 and the Commission received in response one comment letter from the International Swaps and Derivatives
A. SDR Registration, Duties, and Core Principles Section 13n of the Exchange Act makes it unlawful for any person, unless registered with the Commission, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of an SDR.5 To be registered and maintain registration, an SDR must comply with certain requirements and core principles described in Section 13n, as well as any requirements that the Commission may impose by rule or regulation.6 In 2015, the Commission adopted 17 CFR 240.13n1 to 13n12
under the Exchange Act to establish Form SDR, the procedures for registration as an SDR, and the duties and core principles applicable to an SDR SDR Rules.7 The Commission provided a temporary exemption from compliance with the SDR Rules and also extended exemptions from the provisions of the Dodd-Frank Act set forth in a Commission order providing temporary exemptions and other temporary relief from compliance with certain provisions of the Exchange Act concerning security-based swaps, and these temporary exemptions expired in 2017.8
The Commission also has adopted 17
CFR 242.900 to 909 under the Exchange Act collectively, Regulation SBSR, which governs regulatory reporting and public dissemination of security-based swap transactions.9 Among other things,
1 15 U.S.C. 78mn1; 17 CFR 240.13n1. A copy of ICE Trade Vaults application on Form SDR and all non-confidential exhibits and amendments thereto are available for public viewing on the Commissions website. In 2016, ICE Trade Vault submitted a prior application for registration as an SDR. See Release No. 77699 Apr. 22, 2016, 81 FR
25475 Apr. 28, 2016; Release No. 3481223 July 27, 2017, 82 FR 35844 Aug. 1, 2017. ICE Trade Vault withdrew this prior application in 2018. See Letter from Kara Dutta, General Counsel, ICE Trade Vault, Mar. 23, 2018, https www.sec.gov/
divisions/marketreg/sdr/ice-trade-vault-sdrapplication-withdrawal-letter-032318.pdf.
2 15 U.S.C. 78k1b.
3 Release No. 3491331 Mar. 16, 2021, 86 FR
14968 Mar. 19, 2021 ICE Trade Vault Notice.

4 Letter from Eleanor Hsu, Director, Data and Reporting, ISDA, dated Apr. 9, 2021 ISDA
Letter.
5 15 U.S.C. 78mn.
6 Id.
7 See Release No. 3474246 Feb. 11, 2015, 80 FR
14438, 14438 Mar. 19, 2015 SDR Adopting Release. In 2016, the Commission subsequently amended 17 CFR 240.13n4 to address third-party regulatory access to SBS data obtained by an SDR.
See Release No. 3478716 Aug. 29, 2016, 81 FR
60585 Sep. 2, 2016.
8 See Release No. 3480359 Mar. 31, 2017, 82 FR
16867 Apr. 6, 2017.
9 Release No. 3474244 Feb. 11, 2015, 80 FR
14563 Mar. 19, 2015; Release No. 3478321 July 14, 2016, 81 FR 53546 Aug. 12, 2016 Regulation
Release No. 3492189; File No. SBSDR
202101

Security-Based Swap Data Repositories; ICE Trade Vault, LLC;
Order Approving Application for Registration as a Security-Based Swap Data Repository June 16, 2021.

I. Introduction
lotter on DSK11XQN23PROD with NOTICES1

Association, Inc. ISDA.4 While generally supportive of the ITV
Application, the ISDA Letter includes several requests related to regulatory reporting and public dissemination, which are addressed in Part III.G. As discussed in Parts III and IV below, the Commission has carefully reviewed the ITV Application and the comment received. This order grants ICE Trade Vaults application to register as an SDR
in the asset classes noted above, and as a SIP.

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Regulation SBSR requires each registered SDR to register with the Commission as a SIP,10 and the Form SDR constitutes an application for registration as a SIP, as well as an SDR.11
In 2019, the Commission stated that implementation of the SBS Reporting Rules can and should be done in a manner that carries out the fundamental policy goals of the SBS Reporting Rules while minimizing burdens as much as practicable.12 Noting ongoing concerns among market participants about incurring unnecessary burdens and the Commissions efforts to promote harmonization between the SBS
Reporting Rules and swap reporting rules, the Commission took the position that, for four years following Regulation SBSRs Compliance Date 1 in each asset class,13 certain actions with respect to the SBS Reporting Rules would not provide a basis for a Commission enforcement action.14 The no-action statements relevance to ICE Trade Vaults application for registration as an SDR and SIP is discussed further below.
B. Standard for Registration As noted above, to be registered with the Commission as an SDR and maintain such registration, an SDR is required to comply with the requirements and core principles described in Section 13n of the Exchange Act, as well as with any requirement that the Commission may impose by rule or regulation.15 In addition, Rule 13n1c3 under the Exchange Act provides that the Commission shall grant the registration of an SDR if it finds that the SDR is so organized, and has the capacity, to be able to: i Assure the prompt, accurate, and reliable performance of its functions as an SDR; ii comply with any applicable provisions of the securities laws and the rules and regulations SBSR Adopting Release. Regulation SBSR and the SDR Rules are referred to collectively as the SBS
Reporting Rules.
10 See 17 CFR 242.909.
11 See Form SDR, Instruction 2.
12 Release No. 3487780 Dec. 18, 2019, 85 FR
6270, 6347 Feb. 4, 2020 ANE Adopting Release.
13 See id. Under Regulation SBSR, the first compliance date Compliance Date 1 for affected persons with respect to an SBS asset class is the first Monday that is the later of: i Six months after the date on which the first SDR that can accept transaction reports in that asset class registers with the Commission; or ii one month after the compliance date for registration of SBS dealers and major SBS participants SBS entities. Id. at 6346.
The compliance date for registration of SBS entities is October 6, 2021. See id. at 6270, 6345.
14 See id. The specific rule provisions of the SBS
Reporting Rules affected by the no-action statement are discussed in Part II.B.
15 See 15 U.S.C. 78mn3.

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